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Summary of Obama's Energy Policy

• Provide Short-term Relief to American Families

• Enact a Windfall
Profits Tax to Provide a $1,000 Emergency Energy Rebate to American
Families.

Obama and Biden will enact a windfall profits tax on
excessive oil company profits to give American families an immediate
$1,000
emergency energy rebate to help families pay rising bills. This relief would be
a down payment on the Obama-Biden
long-term plan to provide middle-class
families with at least $1,000 per year in permanent tax relief.

•
Crack Down on Excessive Energy Speculation.

Barack Obama and Joe
Biden will close energy industry market loopholes and increase transparency to
prevent traders from
unfairly lining their pockets, while driving up oil
prices at the expense of the American people.

• Swap Oil from the
Strategic Petroleum Reserve to Cut Prices.

With oil prices doubling
in the past year, Barack Obama and Joe Biden believe we have an economic
emergency that requires a
limited, responsible swap of light oil from the
Strategic Petroleum Reserve (SPR) for heavy crude oil to help bring down prices
at the pump.
Eliminate Our Current Imports from the Middle East and
Venezuela within 10 Years

• Increase Fuel Economy Standards.

Obama and Biden will increase fuel economy standards 4 percent per
year while providing $4 billion for domestic automakers to retool
their
manufacturing facilities in America to produce these
vehicles.

• Get 1 Million Plug-In Hybrid Cars on the Road by
2015.

These vehicles can get up to 150 miles per gallon. Barack Obama
and Joe Biden believe we should work to ensure these cars are built here
in
America, instead of factories overseas.

• Create a New $7,000 Tax
Credit for Purchasing Advanced Vehicles.

• Establish a National Low
Carbon Fuel Standard.

Obama and Biden will establish a National Low
Carbon Fuel Standard (LCFS) to reduce the carbon in our fuels 10 percent by
2020.
Obama and Biden will also require 60 billion gallons of advanced
biofuels to be phased into our fuel supply by 2030.

• A "Use it or
Lose It" Approach to Existing Oil and Gas Leases.

Obama and Biden
will require oil companies to develop the 68 million acres of land (over 40
million of which are offshore)
which they have already leased and are not
drilling on.

• Promote the Responsible Domestic Production of Oil
and Natural Gas.

An Obama-Biden administration will establish a
process for early identification of any infrastructure obstacles/shortages or
possible federal permitting process delays to drilling in the Bakken Shale
formation, the Barnett shale formation, and the
National Petroleum
Reserve-Alaska. Create Millions of New Green Jobs

Obama and Biden will set an aggressive energy efficiency
goal -- to reduce electricity demand 15 percent from projected levels by
2020.

• Weatherize One Million Homes Annually.

Obama
and Biden will make a national commitment to weatherize at least one million
low-income homes each year for the next decade, which can reduce energy usage
across the economy and help moderate energy prices for all.

•
Develop and Deploy Clean Coal Technology.

Obama's Department of
Energy will enter into public private partnerships to develop five
"first-of-a-kind" commercial scale coal-fired plants with clean carbon capture
and sequestration technology.

• Prioritize the Construction of the
Alaska Natural Gas Pipeline.

As president, Obama will work with
stakeholders to facilitate construction of the pipeline. Not only is this
pipeline critical to our energy security, it will create thousands of new jobs.
Reduce our Greenhouse Gas Emissions 80 Percent by 2050

The Obama-Biden cap-and-trade policy will require
all pollution credits to be auctioned, and proceeds will go to investments in a
clean energy future, habitat protections, and rebates and other transition
relief for families.

• Make the U.S. a Leader on Climate Change.

Obama and Biden will re-engage with the U.N. Framework Convention on
Climate Change (UNFCC) -- the main international forum dedicated to addressing
the climate problem. They will also create a Global Energy Forum of the world's
largest emitters to focus exclusively on global energy and environmental
issues.

• Develop and Deploy Clean Coal Technology.

Obama's
Department of Energy will enter into public private partnerships to develop five
"first-of-a-kind" commercial scale coal-fired plants with clean carbon capture
and sequestration technology.

• Prioritize the Construction of the
Alaska Natural Gas Pipeline.

As president, Obama will work with
stakeholders to facilitate construction of the pipeline. Not only is this
pipeline critical to our energy security, it will create thousands of new jobs.
Reduce our Greenhouse Gas Emissions 80 Percent by 2050

The Obama-Biden cap-and-trade policy will require
all pollution credits to be auctioned, and proceeds will go to investments in a
clean energy future, habitat protections, and rebates and other transition
relief for families.

• Make the U.S. a Leader on Climate Change.

Obama and Biden will re-engage with the U.N. Framework Convention on
Climate Change (UNFCC) -- the main international forum dedicated to addressing
the climate problem. They will also create a Global Energy Forum of the world's
largest emitters to focus exclusively on global energy and environmental
issues